Dubai property brokers earn $229m commissions so far in 2018

Dubai Land Department says real estate brokers contributed to concluding 18,121 transactions in the first nine months of 2018
Dubai property brokers earn $229m commissions so far in 2018
Brokers earned AED429 million from land sales, AED73 million from building sales, and AED340 from residential unit sales.
By Sam Bridge
Sat 03 Nov 2018 06:36 PM

Dubai Land Department (DLD) on Saturday announced that the real estate brokerages made commissions totalling AED842 million ($229 million) in the first nine months of 2018.

The brokers contributed to concluding 18,121 transactions in that period, DLD said in a statement.

The report issued by the Department of Real Estate Studies and Research at DLD showed that brokers earned AED429 million from land sales, AED73 million from building sales, and AED340 from residential unit sales.

The report also revealed high activity among women as real estate brokers in the market, where 1,901 female brokers registered 5,617 transactions with commissions totalling AED261 million.

Yousif Al Hashimi, deputy CEO of the Real Estate Regulatory Agency (RERA), said: “Brokers play an important role in attracting international investors to Dubai’s real estate market, highlighting the market’s unique characteristics. DLD developed a comprehensive system to protect the rights of brokers in every successfully concluded transaction between the selling and buying parties.”

Al Hashimi added: “Brokers are among our most important partners, especially as they exercise their duties with the highest degree of honesty and integrity while adhering to the procedures and standards set by DLD.”

The number of accredited permits issued by DLD to real estate brokers — representing 2,436 offices — amounted to 4,686.

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